Natalie Gallagher

Now, the second question is, will these hyperscalers continue to meet demand?

The answer, in my opinion, absolutely yes.

So where do we see the impact?

We see the impact on margin compression.

That seems like almost a given.

And when do we see it?

We see it in Q2.

In one way, it's different because we aren't seeing a total shutdown of our supply chain network.

We are seeing a very large impact in the Strait of Hormuz.

We have an ongoing impact in the Red Sea.

But the good news is we can still get goods from A to B. The bad news is that to do that, we add 3,500 to 4,000 nautical miles.

and about $1 to $2.5 million in excess fuel costs, depending on vessel size.

And so we can continue to meet demand.

It's just the fact that the supply chain environment is quite stressed, and we're very likely to see an elevated cost implication.

Whereas in COVID, right, even the ability to meet demand was quite questionable due to the Broad Bay shutdown.

Yeah, absolutely.

You know, what we're seeing is a fundamental shift in how the U.S.

has really been addressing supply chain resilience over the past few years and absolutely top of mind following the export control measures by China back in 2025.

You know, what in essence we're doing is we're creating a strategic reserve of rare earth minerals for the digital economy, which means that we're less at the behest of foreign entities as we try to continue to move forward, right, in AI innovation and

and all the potential for the economy that that really houses.